The US president acknowledges that current rates won't lead to significant inflation, but there may be slower economic growth.

U.S. President Donald Trump has stepped up pressure on Federal Reserve Chairman Jerome Powell, asserting Monday that rising energy and food prices are dampening inflation risks, while the central banker's delay in lowering interest rates increases the likelihood of an economic slowdown.

"With these costs trending downward so favorably, just as I predicted, there can be almost no inflation, but there could be a slowdown in the economy unless Mr. Too Late, a big loser, lowers interest rates NOW," the White House resident stated through his profile on the social network Truth.

In his address, Trump boasted of "very low" energy costs, as well as declining food prices "(including the Biden egg debacle!)," which is why he believes there is virtually no inflation.

He insisted that while Europe has cut interest rates seven times, Powell has always been too late, "except during election time, when he cut them to help the sleepy Joe Biden get elected. How did that work?"

Donald Trump has intensified his criticism of the nation's central banker over the past week, even going so far as to publicly call for Powell's dismissal as Fed chairman.

Last Thursday, he lashed out at the US monetary policy chief, claiming on social media that Jerome Powell "always arrives TOO LATE AND IS WRONG," adding that "Powell's firing can't wait!"

Just one day later, the White House acknowledged that it is considering removing Powell as chairman of the US Federal Reserve (Fed).

"The president and his team continue to study this issue," White House economic adviser Kevin Hassett told reporters, without providing further details.

Jerome Powell's term as chairman of the U.S. central bank runs until May 2026, while his term as governor runs until February 2028.